Construction Machinery "Enters" the AI Track, Theme ETF Receives Over 40 Billion Funds Inflow

The expansion of AI data centers is driving the electricity gap, which is pushing the demand for power equipment and supporting manufacturing chains such as gas turbines, energy storage, and microgrids to explode. The engineering machinery sector that enters this race has also become a market focus. Since 2026, ETFs related to this theme have attracted net inflows of over 4 billion yuan. In the eyes of many fund managers, AI data centers are typical heavy asset projects. The landing of these projects ultimately requires engineering construction and equipment support to be completed. In the next 3-5 years, the significance of the power narrative for the engineering machinery sector is not to change the industry's cyclical nature, but to reshape the structure, duration, and valuation cap of the cycle.